Form 26AS: Understanding and Online Viewing/Downloading Guide

If you are preparing for tax season, it is important to understand Form 26AS. This document provides a comprehensive snapshot of your tax-related transactions, making it your go-to source of information for filing tax returns. We have formulated this guide to ensure you fully understand Form 26AS.

This comprehensive guide walks you through the steps to view and download Form 26AS online with ease. Whether you want to check your TDS details or ensure accurate tax returns, this form will help you. It further explains different parts of Form 26AS, its uses and benefits, and, most importantly, provides a list of things to verify in your TDS Certificate from this form. Let’s get started!

What is Form 26AS?

Form 26AS is a crucial document that provides a consolidated view of all your tax-related transactions. Simply put, it is a statement of your tax credit, summarizing details such as tax deducted at source (TDS), tax collected at source (TCS), advance tax payments, and more. This form is not just a record but is the key to ensuring that taxes deducted from your income have been appropriately deposited with the income tax department.

Additionally, Form 26AS has evolved to include information on high-value transactions like mutual fund purchases and dividends, making it a comprehensive tool for verifying and managing your tax liabilities. It is crucial to understand and regularly check Form 26AS for hassle-free filing of your income tax.

Information Available on Form 26AS

Form 26AS offers a consolidated record of various tax-related details associated with your Permanent Account Number (PAN). Here's a list of things that you can find in this comprehensive statement:

• Tax Deducted and Collected- Details of taxes deducted by various deductors (TDS) and collected at source. (TCS)
• Advance Tax and Self-Assessment Payments- Information on payments made by you towards advance tax and self-assessment tax.
• Refund Details- Information about the income tax refunds you have received during the financial year.
• High-Value Transactions- Records of significant transactions. Like those related to shares and mutual funds.
• Immovable Property- Details of tax deducted on immovable property.
• TDS Defaults and Turnover Details- Information on any defaults in TDS made during the year, along with turnover details reported in GSTR-3B.

This consolidated view ensures you comprehensively understand your tax-related transactions, facilitating a smoother income tax filing process.

How to View and Download Form 26AS? (Step-by step)

Form 26AS can be viewed in two modes:

1. TRACES portal 
2. Net Banking Facility of Your Account

For viewing and downloading Form 26AS through the TRACES portal, follow these steps:

1. Visit the e-filing website: Login to your income tax e-filing account.
2. Enter the user ID: Use your PAN or Aadhaar number as the user ID.
3. Password Entry: Enter your password to proceed.
4. Navigate to Form 26AS: Find the 'e-File' tab and click on 'Income Tax Returns', then select 'View Form 26AS.'
5. Confirm Disclaimer: Read and confirm the disclaimer to proceed to the TRACES website. It is a necessary step and is safe.
6. Proceed on TRACES: Now you are on the TRACES website. Select 'Proceed'
7. View Form 26AS: Click on 'View Tax Credit (Form 26AS)' at the bottom of the page to access your form.
8. Choose Assessment Year and Format: Select the assessment year and choose between HTML or PDF format.
9. Verification Code: Enter the verification code and click 'View/Download.'
10. Access Form 26AS: Open the downloaded PDF to effortlessly view your Form 26AS details.

To access Form 26AS via net banking, ensure your PAN is linked to your account with an authorized bank. Log in to your net banking, locate the Tax Credit Statement section, and view or download Form 26AS for free.

Must Read: How to e-Verify your Income Tax Return (ITR)

Different Parts of Form 26AS

Part A: Information regarding TDS

Part A of Form 26AS provides quarterly details of Tax Deducted at Source (TDS) from your salary, interest, pension, and more. It includes the deductor's TAN, TDS amount, and deposits made to the government as given quarterly. This part is essential to understanding the income tax deductions made during the year.

Part A1: Information regarding TDS for Form 15G/Form 15H

Form 26AS Part A1 is crucial for those submitting Form 15G/Form 15H. It reveals details of income where no TDS was deducted, reflecting the status of TDS deduction based on submitted forms. If you haven’t submitted the forms, it will display ‘No transactions present.’ Verify your TDS status conveniently with Part A1 and ensure accurate tax compliance.

Part B: Information regarding tax collected at source

Form 26AS Part B provides insights into Tax Collected at Source (TCS) by sellers. It discloses the details of the sellers who collected tax from you. Stay informed about TCS entries in this section, ensuring a comprehensive view of your financial transactions and tax implications.

Part C: Information regarding tax paid (apart from TDS and TCS)

Form 26AS Part C provides you with critical information about tax payments beyond TDS and TCS. This section outlines the taxes that you have deposited yourself, including advance and self-assessment taxes. You can find a comprehensive breakdown of your direct tax contributions here, including details about the challans used for payment. This gives you a clear snapshot of your tax payments.

Part D: Information regarding a paid refund

Form 26AS Part D, provides valuable information about the tax refunds you have received. This section offers a clear and concise overview of your refunded amounts, including details about the assessment year, payment mode, interest, and payment dates. By reviewing this information, you can gain insights into your financial transactions and ensure a transparent record of all your refunds.

Part E: Information regarding AIR Transaction

To better understand your financial profile, you can explore Part E of Form 26AS. This section provides information on AIR transactions reported by banks and institutions, including high-value financial activities such as property purchases, mutual fund investments, and corporate bonds. Reviewing this section can uncover significant transactions and gain insights into your financial activities.

Part F: Information regarding tax deduced on the sale of immovable property

You should look into Form 26AS Part F to understand the TDS (Tax Deducted at Source) on the sale of immovable property transactions. This section details tax deductions and deposits, whether buying, selling, renting, or engaging in contractual work related to immovable property. Stay informed about the financial aspects of property-related transactions by referring to this section.

Part G: Information regarding TDS defaults

Form 26AS Part G provides information on TDS defaults post-processing of TDS returns. Reviewing these defaults and looking for any discrepancies in TDS deductions is important. Please note that these defaults don't include any demands raised by assessing officers. Any TDS-related issues should be addressed promptly to ensure a smooth tax journey.

Part H: Turnover details

Section H in Form 26AS gives an overview of your business's financial activity, which corresponds with your GSTR-3B returns. This section shows your turnover details, which are important for accurate reporting. You should review and verify your turnover details to ensure compliance and transparency in your tax records.

What is New in the Form 26AS?

1. Comprehensive Financial Snapshot- The revamped Form 26AS, the Annual Information Statement, provides a holistic view of taxpayers' financial transactions. It goes beyond traditional TDS and TCS details, encompassing a wider spectrum of financial activities.
2. Inclusion of SFTs- A notable addition is the incorporation of Statement of Financial Transactions (SFTs), offering taxpayers a comprehensive record of significant financial dealings. This is a handy reference during Income Tax Return (ITR) filing.
3. Enhanced Taxpayer Information- The new Form 26AS includes details on taxes paid, pending and completed income tax proceedings, and the status of income tax demands and refunds. This heightened transparency aids taxpayers in understanding and managing their tax liabilities more efficiently.
4. Simplified ITR Filing- With a focus on user convenience, the updated form aims to streamline the Income Tax Return (ITR) filing process by offering pre-filled returns. This simplification reduces the complexity for taxpayers, facilitating a smoother filing experience.

Must Read: What is Form 16? Eligibility, Components, Types & Benefits

Why is Form 26AS Important?

Form 26AS holds significant importance for taxpayers like you for several key reasons:

1. Verification of Tax Deductions- You can use Form 26AS to verify TDS and TCS deductions from your income as a taxpayer. It ensures that the correct amount of tax has been deducted and the deductor has deposited it with the government.
2. Accurate Income Tax Filing- It provides a comprehensive view of all taxes deducted, aiding taxpayers in accurate income tax return filing, which helps avoid errors or omissions during the filing process.
3. Refund Claims- If you have paid excess TDS or TCS compared to their actual tax liability, Form 26AS backs refund claims when filed.
4. Tax Status Tracking- It enables you, as a taxpayer, to track your tax status, ensuring timely and complete payment of taxes due.
5. Error Detection- It serves as a tool to identify discrepancies in tax records and allows taxpayers to take corrective action promptly, preventing future complications.

Form 26AS, therefore, plays a crucial role in promoting transparency, accuracy, and accountability in the income tax filing process.

What are the Benefits of Form 26AS?

Form 26AS offers valuable advantages for you, the taxpayer, in managing your tax-related affairs- 

1. Transparent Financial Transactions- It provides a consolidated view of tax deducted and collected, ensuring transparency in financial dealings.
2. Comprehensive Transaction History- Form 26AS enables you to review all financial transactions involving TDS/TCS for the relevant financial year in one accessible document.
3. Facilitates Income Computation- It aids in the computation of your income, serving as a reliable reference for accurate Income Tax Return (ITR) filing.
4. Effortless Tax Credit Claims- It streamlines the process of claiming tax credits, helping you maximize your eligible benefits while filing your ITR.
5. Refund Verification- Form 26AS allows you to confirm the status of refunds during the applicable financial or assessment year; ensuring a hassle-free verification process.

In essence, Form 26AS empowers you with a comprehensive overview of your tax-related transactions, simplifying the income computation and ITR filing process while promoting financial transparency.

How to Submit Form 26A/27BA Online?

Submitting Form 26A/27BA online is a simple process. Here are the steps: 

1. Log in to the TRACES website.
2. Under 'Statement/Payments,' click 'Request for 26A/27BA.' 
3. Choose the financial year, form type, and transaction type.
4. If using a Digital Signature Certificate, proceed accordingly. 
5. Upload the file in the TRACES-suggested format. 
6. Monitor your request status through various stages. 
7. For Non-Deduction/Collection requests, follow additional steps as follows:-
   • Download the utility by clicking 'Requested Download' under 'Download.'
   • Enter the verification code and submit.
   • Download the TRACES sample, extract, and add Non-Deduction/Collection records to the CSV file.
   • Verify Section Codes for accurate details.
   • Validate the file using the Java application.
   • Upload the file on TRACES, ensuring verification through Digital Signature or I-PIN.
8. CA certification and Deductor/Collector verification are required. 
9. View and download the CA Certificate and submit Form 26A/Form 27BA for a final check.

By following these simple steps, you can efficiently submit Form 26A/27BA online and ensure compliance with tax regulations.

Must Read: Due Date for ITR Filing for FY 2023-24 (AY 2024-25) in India

Things to Verify in Your TDS Certificate with Form 26AS

As a taxpayer, it is important to carefully cross-check your TDS certificate, whether it is Form 16 for salaried individuals or Form 16A for non-salaried individuals, with Form 26AS. Make sure to verify the following key aspects for accuracy:

1. Personal Details- Check your name, PAN number, deductor’s TAN, refund amount, and TDS amount to ensure that they are accurately reflected. Any discrepancies can create complications during the Income Tax Return (ITR) filing.

2. TDS Amount Alignment- Verify if the Tax Deducted at Source (TDS) amount on the certificate matches the data in Form 26AS. Comparing the two helps ensure the deductor has submitted the TDS on your behalf.

3. TDS in Form 26AS- Confirm that the TDS mentioned in Form 16/16A is correctly reflected in Form 26AS. If not, it may indicate a failure on the deductor's part to deposit the deducted tax with the income tax department, requiring prompt corrective action.

Notify your deductor of any mismatches between the TDS certificate and Form 26AS. Accurate TDS filing using your PAN can prevent issues and ensure smooth tax processing.

Conclusion

It is important for taxpayers to regularly review Form 26AS to ensure accurate and transparent income tax filing. As you manage your tax-related transactions, it is important to maintain financial control.

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